Fair Value Measurements

12 Months Ended

Jun. 30, 2021

Fair Value Disclosures [Abstract]

Fair Value Measurements

NOTE 8 - FAIR VALUE MEASUREMENTS

The carrying values of the Company’s financial instruments not required to be carried at fair value on a recurring basis approximate fair value due to their short maturities (i.e., accounts receivable, other assets, accounts payable and other liabilities, due to securities broker and obligations for securities sold) or the nature and terms of the obligation (i.e., other notes payable and mortgage notes payable).

The assets measured at fair value on a recurring basis are as follows:

As of June 30, 2021
	Level 1
Assets:
Investment in marketable securities:
REITs and real estate companies	$	11,624,000
Energy		6,374,000
Communication services		4,872,000
Financial services		3,873,000
Industrial		3,746,000
Consumer cyclical		1,702,000
Healthcare		981,000
Technology		442,000
Other		381,000
	$	35,792,000

As of June 30, 2020
	Level 1
Assets:
Investment in marketable securities:
REITs and real estate companies	$	2,365,000
Basic material		1,209,000
Energy		767,000
Industrial		484,000
Corporate bonds		417,000
Other		936,000
	$	6,178,000

The fair values of investments in marketable securities are determined by the most recently traded price of each security at the balance sheet date.

Financial assets that are measured at fair value on a non-recurring basis and are not included in the tables above include “Other investments in non-marketable securities,” that were initially measured at cost and have been written down to fair value as a result of impairment or adjusted to record the fair value of new instruments received (i.e., preferred shares) in exchange for old instruments (i.e., debt instruments). The following table shows the fair value hierarchy for these assets measured at fair value on a non-recurring basis as follows:

					Net loss for the year
Assets	Level 3		June 30, 2021		ended June 30, 2021
Other non-marketable investments	$	41,000	$	41,000	$	(119,000	)

					Net loss for the year
Assets	Level 3		June 30, 2020		ended June 30, 2020
Other non-marketable investments	$	278,000	$	278,000	$	(219,000	)

For fiscal years ended June 30, 2021 and 2020, we received distribution from other non-marketable investments of $119,000 and $115,000, respectively.

Other investments in non-marketable securities are carried at cost net of any impairment loss. The Company has no significant influence or control over the entities that issue these investments. These investments are reviewed on a periodic basis for other-than-temporary impairment. When determining the fair value of these investments on a non-recurring basis, the Company uses valuation techniques such as the market approach and the unobservable inputs include factors such as conversion ratios and the stock price of the underlying convertible instruments. The Company reviews several factors to determine whether a loss is other-than-temporary. These factors include but are not limited to: (i) the length of time an investment is in an unrealized loss position, (ii) the extent to which fair value is less than cost, (iii) the financial condition and near term prospects of the issuer and (iv) our ability to hold the investment for a period of time sufficient to allow for any anticipated recovery in fair value.